Avison Young, Canada-based commercial real estate services firm, has purchased New Jersey-based asset management firm Kwartler Associates.

The acquisition will add 27 employees to Avison Young’s Morristown office and will boost its business-line coverage in New Jersey and the tri-state area.

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As part of the deal, Kwartler President Daniel Frank will become a Principal with Avison Young, where he will head business development for the firm’s asset and property management business in the New Jersey and suburban Tri-State markets.

In addition, Frank will also oversee the growth of Avison Young’s real estate development services on behalf of institutional owners, including site selection, property acquisition, entitlements, and construction and disposition services in those markets.

The deal will also expand Avison Young’s asset-services platform in the Tri-State area.

Earl Webb, president, U.S. operations, Avison Young, said: "This strategic acquisition is an important move that will significantly strengthen our presence in the Tri-State market, creating new avenues for business growth and development, in addition to expanding our service capabilities for existing clients."

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Arthur Mirante, principal and Tri-State president, Avison Young, said: "We look forward to the contributions our new teammates will make in further enhancing Avison Young’s position in the regional marketplace."

Frank said: "This transaction provides a profound opportunity to contribute to Avison Young’s broad platform of asset services while harnessing the synergies of these two financially sound, collaborative organizations."